The National Association of REALTORS (NAR) is commending the Department of Housing and Urban Development (HUD) for finalizing the new Federal Housing Authority(FHA) condominium loan policies. The Changes, many which NAR has championed for over a decade, should yield thousands of new homeownership opportunities and help alleviate affordability restraints impacting markets across the country.
Specifically, the new guidance extends certifications from two years to three, allows for single-unit mortgage approvals, provides more flexibility with owner/occupancy ratios, and increases the allowable number of FHA loans in a single project.
